UOB Thailand

 

Placing a nest egg aside to cover later years and health costs is important but it’s not easy in the low-bond and interest rate environment prevalent at the moment. UOB is helping its customers by launching a long-term Capital Builder solution and a Lady’s Savings Account that comes with cancer, dental, and other health care benefits in partnership with Prudential. They respectively won Best Reirement Product & Service Initiative and Best Savings Plan Offering at the virtual RBI Asia Trailblazer Awards 2021.

UOB Capital Builder was created to provide investors with a solution to achieve long-term capital growth across market cycles and to complement an existing Income Builder solution. Launced in February 2020, just as the Covid-19 pandemic was hitting, it is targeted at the young whose key benefit is their longer capital growth timeframes and the ability to benefit from compound effects. An ‘eye’ was used in the advertising campaign to denote the idea of having the vision and foresight to save for retirement and also possessing a keen eye on long-term market opportunities.

The wealth client base grew 8% year-on-year (YoY) as of 31 December 2020, with the key number of millennials investing with UOB tripling. 4,000 new customers invested in funds in 2020 and assets under management (AuM) grew 15% since the launch of UOB Capital Builder. Returns of +22.29% were delivered in the first year, and so far this year in 2021 +5.97% growth has been recorded despite Covid restrictions and other economic challenges.

Best Savings Plan
The UOB Lady’s Savings Account was launched in Singapore on 8 March 2020, and then rolled out in Malaysia, Thaland and Indonesia. It built on an existing Lady’s Card product but added critical illness cover for cancer care and dental, wellness and other benefits, recognizing that sometimes time-poor busy working women needed an easy all-in-one solution to cater for their finanical and physical wellbeing. The key benefits are:

  • Protection: save to get free cancer coverage up to S$200,000, with coverage for six types of female cancer.
  • Medical: $13 medical consultation and enhanced health screening packages.
  • Dental: Discounted rates for dental treatments.
  • Wellness: Fitness (Pilates) classes allow customers to enjoy health privileges that will strengthen them both physically and mentally.
  • UOB Cards: Allow customers to enjoy deals & privileges that suit their lifestyle.

The enhanced digital and connected data analysis capabilities that UOB offers its customers these days means that users can readily access their wellness benefits and check their assured female cancer benefit sum each month.

The product has been effective in increasing sign-ups among the target group of females aged 21-49 years old. Additional business benefits, measured in the second year of its operation, include:

  • New customers: more than 50% of applications are from new-to-deposits customers, thus deepening the UOB customer franchise.
  • Almost 30,000 accounts acquired, with numbers growing all the time.

A number of project challenges were overcome, including:

  1. Building a similar back-end and front-end system to support the product across the region.
  2. Adapting a singular over-arching customer value proposition that could also meet local market needs, while simultaneously aligning the look and feel of marketing materials across the countries.
  3. Adding insurance elements meant negotiating insurance prices for each country, adding complexity.

All of these challenges were tackled and faced as a regional team from product ideation through to product launch.

  • UOB were also HC: Highly Commended in the Best Retail Bank: Singapore; Best Payment Innovation; and Excellence in Customer-Centricity categories at the Retail Banker International (RBI): Asia Trailblazer Awards 2021, which were held virtually on 7 October.

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The Retail Banker International Asia Trailblazer Awards is an annual platform that celebrates the best in class retail banking institutions and individuals for their innovative service offering and commitment to customer excellence.

If you would like to share your incredible consumer finance journey, then register for the 13th Annual Retail Banker International Asia Trailblazer Awards 2022 and submit your entry!